15% hike in Medicine Prices!

ISLAMABAD: Drug Regulatory Authority of Pakistan (DRAP) today, with the approval of the federal government, has announced up to 15 percent hike in the prices of medicines. However, the citizens will pay 9% more for the life-saving drugs.

According to DRAP the current increase in MRP is attributed to the 30% increase in dollar’s rates. The prices of raw materials and materials used in the packaging of medicines also increased. Similarly, due to the rise in prices of utility bills such as electricity and gases, the manufacturing cost per unit has also been increased. Moreover, increase in additional duties, interest rates and salaries of the employees was observed while most of the pharmaceutical raw materials are imported from China.

The Chinese industry has been closed due to environmental reasons and this has also become a reason for doubling the prices of raw materials. This affected the availability of medicines and vaccines in the country. He said most common reason observed for this unavailability was found to be that pharmaceutical companies had informed that it is not commercially viable for them to manufacture such medicine.

Therefore, multinational companies are retreating and investment opportunities are also being affected. However, DRAP ensured availability of life-saving medicine on priority. Due to these reasons, the pharmaceutical industry was demanding an increase in the prices of medicine since long keeping in view the increase in US$. However, DRAP tried to maintain the status quo as an increase in the prices of medicines was resisted.

He added that keeping in view the unavailability of medicine in market and reasons that were beyond the control of either the regulator or manufacturer such as an increase in US $, and increased prices of raw materials, DRAP recommended a nominal increase in MRP. It is pertinent to mention that, national pharma fulfills 90 percent of medicine need of the country and the recommendations were necessary to save the industry.

He said the DRAP, after consultation with all stakeholders, recommended nine and 15 percent increase in MRPs of medicines. He said DRAP is continuously ensuring availability of quality, safe and effective medicine in the country.

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An average of several recent polls gives the Tories a six percentage point lead over the Liberals ahead of the October ballot.
Andrew Scheer previously vowed that balancing the budget could be done within two years, but now claims “Trudeau has made an even bigger mess of the budget than I thought possible.
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